I highly doubt he has any shares that were subject to the split. He would not have converted after the market dried up. He would have kept the debt rather than taking shares. He may not have many morals, but he's not stupid.
He can now wait for the sp to go sub-penny again and stabilize before converting. If it's like last time, he'll convert a small portion and get some shares with which to push the sp even lower, then convert at a ridiculously low price and run the P&D from there.
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